Report on Technical Programme for Baita Plai Mine -

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

27 February 2023

Vast Resources plc
(‘Vast’ or the ‘Company’)

Report on Technical Programme for Baita Plai Mine
Exploration Target for Mineral Resource upgrade and establishment of an Ore Reserve

Vast Resources plc, the AIM-listed mining company, is pleased to announce the receipt of a Technical Programme Report (the ‘Report’) for its Baita Plai Polymetallic Mine (‘Baita Plai’) which sets out a plan for a drilling programme for the purpose of establishing an enlarged JORC compliant Mineral Resource and in due course an Ore Reserve for its licence renewal in August 2024. The Report concludes that the fulfilment of the programme will give the Company potential to:

  • Extend the current mine ore zone (Antonio).

  • Justify the opening of a new mining area (Baia Rosie) directly from Antonio Level 15 into the Baia Rosie Skarn.

  • A potential upgrade to the existing Mineral Resource at Baita Plai (Antonio plus Baia Rosie) with the inclusion of a JORC compliant Exploration Target of 11.65-12.65Mtn at 0.98% to 1.69%% Cu, 0.23% to 0.57% Pb, 0.17% to 0.62%Zn.
  • 12 Month Drilling Programme to confirm historic data and continuation of the previously mined areas.

    • Total of 15,870 drilling metres (59 locations) are planned

    • 10,890 diamond drilling metres are planned in Baia Rosie
      • from surface 18 holes – 9,900 metres
      • from underground 14 holes -990 metres

    • 4,980 diamond drilling metres are planned for Antonio
      • from underground 27 holes – 4,980 metres

The ore bodies proposed for investigation are constructed based on data from historical drillholes and level plans and have a total tonnage of 11.65-12.65Mtn considered as an Exploration Target (see below).

To evaluate the degree of correlation between Cu%, Zn% and Pb% a Pearson’s correlation was conducted. The prognoses for Cu%, Pb%, Zn%, Au_g/t and Ag_g/t as a result of this are presented below and are considered to be target grades:

Cu%0.98 to 1.69
Pb%0.23 to 0.57
Zn%0.17 to 0.62
Au_g/t (based on drillholes samples)0.05-2
Ag_g/t (based on drillholes samples)30-90

Drilling costs and associated reporting are to be funded from current cash balances, future funding and revenues over the coming 12 months.

Exploration Targets

Exploration Target Drill Spacing

MassZone
t
(50x50m)500,000-550,000 
(100x100m)5,100,000-5,200,000Baia Rosie
(Extension 100m)3,250,000-3,500,00 
Total Baia Rose Ore8,850,000-9,250,000 
(50x50m)1,300,000-1,400,000 
(Extension 100m)1,500,000-2,000,000Antonio
Total Antonio Ore2,800,000-3,400,000 
Total 50x50m+ 100x100m8,400,000-9,150,000Baia Rosie + Antonio
Total 50x50m+100x100m+Extension 100m11,650,000-12,650,000Baia Rosie


Drilling Requirements
 
Measured Drill Spacing50x50m
Indicated Drill Spacing100x100m
Inferred Drill SpacingExtension 100m

The proposed drilling will be spaced at 50x50m; some at 100x100m; and some at wider spacing. The 50x50m spacing and the 100x100m spacing is expected to be sufficient to achieve a Measured and Indicated Mineral Resource.

A copy of the Report in full can be found on the Company’s website using the following link: https://www.vastplc.com/investor-information/document-downloads

The Report was prepared by Negru Vlad Andrei, Chief Geologist for geological and geotechnical consultants, Formin SA, and countersigned by Daniel Maguran of Maguran Top Consulting, Canada.

The information for the Report was sourced from the Company’s database files which included its drilling and sampling database, quality control sample results and quality/data collection procedures and protocols, together with maps, drill holes and assays from historical sources. This enabled the construction of a ‘Wireframe’ - which was also confirmed by the 2020 drill holes at Antonio which formed the basis of the JORC Mineral Resource announced on 29 October 2020. The Report concludes the Wireframe constitutes a solid foundation for the planning of a new set of drill holes with the potential to highlight the extension of the current mine ore zone (Antonio) and to justify the opening of the new mining area in Baia Rosie ore that was historically mined down to level 15 only.

Establishment of an Ore Reserve

Following the result of the drilling programme the Company intends to carry out a further study in order to produce a Preliminary Economic Assessment (PEA) of the further potential at Baita Plai revealed by the drilling programme. Subject to the results of the PEA this would then potentially enable the recategorisation of a portion of the Measured and Indicated Mineral Resources into Proved and Probable Ore Reserves.

Furthermore, as part of this process, the Company has located an historic National Agency for Mineral Resources (ANRM) Polymetallic Registered Reserve of 1.489 million tonnes calculated until 220m Depth (Level 19) as follows:

 Avg.GradeOre TonnesContained Metal Tonnes
Cu%0.6471,247,0008,068
Pb%40.101,460,0005,855
Zn%0.9641,474,00014,209
Mog/t152.2946,000144
Bi%0.0511,068,000545
Wg/t4.00357,0001.43

* Shareholders should note that this historic Mineral Resource is not JORC compliant and was prepared under the NAEN Code in 1999 and recategorised in 2009 by ANRM and, whilst indicative, should not be relied upon until the revised JORC Resource/Reserve statements are published by the Company following the intended drilling campaign.

Andrew Prelea, CEO of Vast Resources plc, commented:

“The receipt of the recommendations and conclusions of the Report is an important step in potentially extending the mining area at Baita Plai from its existing base and creating a much enlarged Mineral Resource. In the Company’s announcement of 29 October 2020 we were able to report an Exploration Target of between 1.8 million and 3.0 million tonnes in a range of 0.50-2.00% Cu, 0.20-0.80g/t Au and 40-80g/t Ag. I am pleased to see that this Exploration Target is now well exceeded as a result of the new Exploration Target contained in the Report – a significant further step in securing the long term future of the Baita Plai mine.”

Report Signatories

Negru Vlad Andrei is a ‘Certified Person’ from the National Agency for Mineral Resource in Romania. He is a geologist with more than 12 years’ experience in Mineral Resource estimation. He has worked for a large number of projects in Romania and also as an SRK consultant. Mr Andrei consents to the inclusion of his name in this announcement in the form and context to which it appears.

Daniel Maguran is a Competent Person and is a registered member of the ‘Ordre des ingénieurs du Québec’, a recognised professional organisation included in the list that is posted on the ASX website from time to time. Having worked continuously since 2000 in various positions as a mechanical engineer, area manager and senior project manager Mr Maguran has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Maguran consents to the inclusion of his name in this announcement in the form and context to which it appears.

Competent Person
The forward-looking technical views made in this announcement is based on information interpreted by Mr Nicolae Turdean, the Our Romanian Country Manager and a full-time employee of the Company. Mr Nicolae Turdean is a Qualified Person who is a Member in good standing of the:

  • Romanian National Association of Specialists in Mining Industry
  • General Association of Romanian Engineers
  • Romanian National Committee of Mining Engineers

Nicolae has 40 years’ experience in the Romanian mining industry. He was most recently President of the National Agency for Mineral Resources. Prior to this, Nicolae was the Chief Executive of Cupru Min SA, the Romanian state-owned copper producer.   Nicolae has worked closely with the Ministry of Economy and Commerce, the Minister of Economy and Finance, and the World Bank, as well as serving on the Board of Administration for a number of companies. Nicolae holds both a Bachelor of Mining Science and a MSc. in the Management of Mining Activities from the Technical University of Petrosani in Romania.

Market Abuse Regulation (MAR) Disclosure

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker
Toby Gibbs
James Thomas (Corporate Advisory)

www.shorecapmarkets.co.uk
 +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker
Richard Hutchinson
www.axcap247.com
 +44 (0) 20 3206 0320
St Brides Partners Limited
Susie Geliher
www.stbridespartners.co.uk
+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Mineral Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total Mineral Resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

Vast has an interest in a joint venture company which provides a share of revenue generated from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty equivalent over all sales of non-ferrous concentrate and any other metals produced.

In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.

TECHNICAL GLOSSARY
The following is a summary of technical terms:

AgSilver
AuGold
CuCopper
PbLead
ZnZinc
MoMolybdenum
BiBismuth
WWolfram (Tungsten)
Cut-offThe cut-off grade the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification;
GradeGrade(s) means the quantity of ore or metal in a specified quantity of rock
Mineral ResourceA 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Inferred Mineral ResourceAn 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
Indicated Mineral ResourceAn 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Exploration TargetAn Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Mineral ReserveAn ‘Ore Reserve’ is economically minable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could be reasonably justified.
JORC CodeAustralasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves
MineralisationProcess of formation and concentration of elements and their chemical compounds within a mass or body of rock


Report on Technical Programme for Baita Plai Mine -

TIN LIÊN QUAN

RECHARGE RESOURCES PLANS CSAMT SURVEY TO DEPTH 500M FOR

Vancouver, BC, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased...

Zijin and Xanadu Transaction Completed and Kharmagtai PFS

TORONTO, March 10, 2023 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (Xanadu or the Company) is pleased to announce the completion on 10...

RECHARGE RESOURCES ANNOUNCES ADDITION OF MR. BILL

Vancouver, BC, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased...

Brookmount Gold Corp. (Brookmount Explorations, Inc.) to

NEW YORK, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of OTC Markets listed Company Brookmount Gold (Brookmount Explorations, Inc.) (OTC:...

Arbor Metals to Assess Strategic Claims Adjacent to Its Jarnet Lithium Project in Quebec, Canada

[img]http://phpstack-911252-3168991.cloudwaysapps.com/api/ImageRender/DownloadFile?resourceId=1ac9c34f-6084-4782-a8ec-1c2f30b35a1a&size=3[/img]

THỦ THUẬT HAY

12 mẹo giúp chạy quảng cáo Facebook hiệu quả

Theo nghiên cứu gần đây, tổng số lượt nhấp chuột vào các quảng cáo Facebook tăng đến 70% mỗi năm đồng thời tỉ lệ nhấp chuột đến các liên kết website (CTR) tăng đến 160%, tạo ra một cơ hội lớn cho các nhà bán lẻ phát

Cách kết nối các thiết bị Roku với TV qua cổng HDMI

Thiết bị phát Roku có thể biến bất kỳ TV nào thành TV thông minh, cho phép bạn truy cập nhiều dịch vụ trực tuyến khác nhau. Đa phần các thiết bị Roku được thiết kế để kết nối với TV qua cổng HDMI. Sau khi kết nối Roku

Hướng dẫn chuyển chế độ Recovery mode cho iPhone, iPad mà không cần phím bấm vật lý

Thông thường, để chuyển iPhone, iPad về Recovery mode thì chúng ta cần nhấn thực hiện nhiều thao tác thủ công khá thức tạp và phiền phức. Tuy nhiên, ở bài viết này TECHRUM xin chia sẻ với các bạn công cụ ReiBoot, hỗ

Hướng dẫn tắt âm thanh thông báo Windows 10

Hệ điều hành Windows 10 mang tới cho người dùng những tính năng mới, nâng cấp hơn rất nhiều so với những phiên bản trước. Trong đó phải kể đến trình thông báo thông minh trên. Tuy nhiên, một số người chỉ cần hiện popup

Mẹo biến giọng nói thành văn bản cực kỳ nhanh và hiệu quả trên smartphone

Trên iOS các bạn dùng bàn phím Tiếng Việt mặc định bằng cách thiết lập trong phần: Cài đặt > Cài đặt chung > Bàn phím > Tích Bật Đọc chính tả > Phần Ngôn ngữ Đọc chính tả các bạn chọn Tiếng Việt/ Tiếng Anh.

ĐÁNH GIÁ NHANH

Samsung Galaxy Buds2 có đáng mua hay không?

Samsung Galaxy Buds2 là chiếc tai nghe không dây vô cùng hấp dẫn với thiết kế tối ưu cùng nhiều tính năng hấp dẫn. Vậy Samsung Galaxy Buds2 có đáng mua hay không? Mời bạn cùng tham khảo ngay bài viết này của chúng tôi

Xiaomi Pad 5 có đáng mua không?

Xiaomi Pad 5 đã chính thức được mở bán tại Viettel Store với giá chỉ từ 8,99 triệu đồng và được đánh giá với những lời có cánh. Vậy Xiaomi Pad 5 có đáng mua không? Có phải mẫu tablet “chọn mặt gửi vàng” không? Tất cả

Cảm nhận về ASUS Zephyrus: Chiếc laptop gần như hoàn hảo cho chơi game và công việc

Trong bài này mình muốn chia sẻ với các bạn ở góc độ cảm nhận thực tế sau gần 3 tuần sử dụng Zephyrus như là chiếc latop chính dành cho công việc và chơi game.